BASKING RIDGE, N.J., July 10 /PRNewswire/ -- VioQuest Pharmaceuticals, Inc. announces that its chief financial officer, Brian Lenz, was selected as a winner in the "Deal of the Year" category at this year's CFO Awards Breakfast hosted by the New Jersey Technology Council on June 9, 2006. Mr. Lenz was recognized for his lead role in VioQuest's acquisition of Greenwich Therapeutics, Inc., then a privately-held New York-based biotechnology company, and its completion of a financing resulting in gross proceeds of approximately $8.4 million to VioQuest, both of which were completed in October 2005. As a result of the acquisition of Greenwich Therapeutics, VioQuest acquired the rights to develop and commercialize two targeted anti- cancer agents, VQD-001 (sodium stibogluconate) and VQD-002 (triciribine phosphate). Together, the acquisition and financing helped re-position VioQuest as a biopharmaceutical development company, focused on acquiring, developing and commercializing targeted oncology therapeutics.
Preclinical studies have shown that VQD-001 is effective against breast, prostate, renal, bladder and colon cancers, as well as multiple myeloma and malignant melanoma, and is currently being investigated in a Phase I/IIa clinical trial at the renowned Cleveland Clinic Taussig Cancer Center. The results of preclinical studies have also shown that VQD-002, a tricyclic nucleoside, inhibits tumor growth associated with the over-expression of the phosphorylation of Akt. Akt is a serine/threonine protein kinase that is hyperactivated in many tumor types. The Akt pathway has been shown to play a critical role in malignant transformation by inducing cell survival, growth and migration. VQD-002 is now undergoing Phase I/IIa clinical trials at Moffitt Cancer Center.
"Brian's contributions toward the acquisition of Greenwich Therapeutics helped VioQuest refine its business strategy to expand into the development of therapeutics," said Daniel Greenleaf, Company President and Chief Executive Officer. "The whole Company is proud of Brian, and we recognize the significance of being honored for such an important achievement."
Each year, the New Jersey Technology Council presents the "Deal of the Year" Award to "the Chief Financial Officer who successfully completed a merger, acquisition, buyout, buyback, or large round of funding resulting in increased revenues and growth for his/her company."
About VioQuest Pharmaceuticals, Inc.
VioQuest Pharmaceuticals, Inc. is a biopharmaceutical company focused on acquiring, developing, and commercializing targeted late preclinical and early clinical stage therapies with unique mechanisms of action for oncology, viral and autoimmune disorders. A pioneer in personalized therapeutics, VioQuest has two targeted oncology compounds in clinical trials: VQD-001, an inhibitor of specific protein tyrosine phosphatases, has shown compelling preclinical activity in both renal and melanoma cancers and VQD-002 which has shown to inhibit the phosphorylation of Akt which can be seen in abnormal levels in breast, ovarian, colorectal, pancreatic, and liquid cancers.
VioQuest's subsidiary Chiral Quest, a leader in asymmetric chemocatalysis and custom synthesis, offers its proprietary technology products to well-known pharmaceutical and fine chemical companies worldwide to improve their production efficiencies and, in some instances, to increase the overall safety and efficacy of the underlying drug.
Forward-Looking Statements
This press release contains forward-looking statements that involve risks and uncertainties that could cause VioQuest's actual results and experiences to differ materially from the anticipated results and expectations expressed in these forward-looking statements. These statements are often, but not always, made through the use of words or phrases such as "anticipates," "expects," "plans," "believes," "intends," and similar words or phrases. These statements are based on current expectations, forecasts and assumptions that are subject to risks and uncertainties, which could cause actual outcomes and results to differ materially from these statements. Among other things, there can be no assurances that the FDA will approve VioQuest's planned NDA submission relating to VQD-001 for the treatment of leishmaniasis, and even if approved, there is no assurance that VioQuest will be able to successfully commercialize VQD-001 for the treatment of leishmaniasis or any other indication. Other risks and uncertainties include the possibility that the results of clinical trials will not support VioQuest's claims, the possibility that VioQuest's development efforts relating to its product candidates, including VQD-001 and VQD-002, will not be successful, the inability to obtain regulatory approval of VioQuest's product candidates, VioQuest's reliance on third-party researchers to develop its product candidates, its lack of experience in developing and commercializing pharmaceutical products, and the possibility that its licenses to develop and commercialize its product candidates may be terminated. Additional risks are described in VioQuest's Annual Report on Form 10-KSB for the year ended December 31, 2005. VioQuest assumes no obligation and does not intend to update these forward-looking statements, except as required by law.
VioQuest Pharmaceuticals, Inc.: Daniel Greenleaf Chief Executive Officer Brian Lenz Chief Financial Officer 908-766-4400
VioQuest Pharmaceuticals, Inc.CONTACT: Daniel Greenleaf, Chief Executive Officer, or Brian Lenz, ChiefFinancial Officer, both of VioQuest Pharmaceuticals, Inc. at+1-908-766-4400
